I suppose a (competently!!) centrally planned economy can handle these kinds of qualitative change in circumstances better than a free market economy. Planners could reconfigure so that essential supply chains keep flowing while limiting the impact of shutting all else down
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Replying to @_julesh_
You might be interested in reading this article, from a socialist point of view, on how soviet economists painfully rediscovered Mises' argument on the impossibility of economic calculation under socialism: http://crookedtimber.org/2012/05/30/in-soviet-union-optimization-problem-solves-you/ …
9:18 AM - 14 Mar 2020
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